What Is completion in the conveyancing, sale and purchase process?
Before completion can happen, both parties must have exchanged contracts. This usually takes place around two weeks before completion, although the timeline can vary depending on the circumstances. Exchange and completion can take place on the same day although this is rare, especially if the parties have to arrange removals.
Once contracts are exchanged, a fixed completion date is agreed, and preparations begin to ensure everything is ready for that day.
On the day of completion, the seller needs to vacate the property, usually by no later than 1pm, taking with them all personal effects and rubbish and taking final meter readings. The buyer’s solicitor transfers the remaining balance of the purchase price to the seller’s solicitor (usually the purchase price less any deposit paid on exchange). Once the funds are received and the seller has moved out, the estate agent is authorised to release the keys to the buyer and the buyer can move in.
After completion, the buyer’s solicitor will handle the final legal formalities, such as paying any Stamp Duty Land Tax due and registering the buyer as the new legal owner with HM Land Registry.
It’s important for buyers to ensure that all finances and mortgage arrangements are in place ahead of time to avoid delays.
“Completion is the final and most exciting part of the home-buying journey. It is the day ownership changes hands and, thanks to careful preparation by your solicitor, it can be a smooth and stress-free experience. At Mullis & Peake, we aim to make the entire transaction as quick and efficient as possible, with a dedicated completions team to help ensure everything runs to plan.”
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